The new crypto exchange TheMARAverse launches in Africa with backing from industry heavyweights including Coinbase Ventures and Alameda Research.
While African countries continue to account for new cryptocurrency users, Nnadi conceded that there are still considerable hurdles in the way of Sub-Saharan Africa’s young and technologically-native population making crypto a part of their everyday lives:
“Many existing global exchanges cannot operate in the region due to regulatory challenges as well as difficulties in reaching the African consumer in an authentic way. These barriers to access significantly restrict both the number of people who can participate in the crypto economy and the potential uses for digital currency in the region.”
Despite regulatory challenges and the nascent state of the cryptocurrency space, Nnadi believes that the next generation of Africans will drive a digital transformation on the continent. Noting that Africa boasts the youngest population in the world, Nnadi said a growing number of youths are building transformative structures and solutions to adapt new technologies for their society:
“This places Africa at a critical inflection point: the younger generation is beginning its ascent into adulthood and influence. It is a shift that represents the unique opportunity to fully and quickly transition the region into the new paradigms of digital ownership.” As for MARA’s role as a crypto partner to the Central African Republic, Nnadi said that the firm would serve in an advisory role as the country looks to embrace the crypto economy. This will include guidance on how to build the necessary Know Your Customer Anti-Money Laundering and Combating the Financing of Terrorism infrastructure, which includes standardizing personal identification documents to ensure a solid foundation for the country and its five million citizens.
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